TURBODYNE ACCUSED OF DECEPTION.Byline: Ben Sullivan Daily News Staff Writer Turbodyne Technologies Inc., a company that has amassed a $295 million-plus market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. on the prospects of its pollution-cutting engine technology, Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant fended off a new attack by an investor who says the company's holdings are worthless. Late Thursday Thursday: see week. , Asensio & Co., a New York-based investment firm that specializes in short-selling companies, issued a press release accusing Turbodyne of deceiving shareholders about the value of its technology. Like other short-sellers, Asensio bets against a company by borrowing shares in the firm, selling them, and then using the money to replace the shares at a later date. If the company's stock price has subsequently dropped, the seller keeps the difference. In the statement, the firm's second in recent weeks, Asensio claimed that a former United Nations official Turbodyne used to promote its stock is linked to past stock scams. Also, Turbodyne presented the man, Joseph Ben-Dak, as a U.N. official supporting its technology at a time when he was no longer employed by the organization, Asensio said. Turbodyne denied Asensio's charges, calling them ``false and malicious Involving malice; characterized by wicked or mischievous motives or intentions. An act done maliciously is one that is wrongful and performed willfully or intentionally, and without legal justification. DESERTION, MALICIOUS. .'' The company did acknowledge that Ben-Dak no longer works for the United Nations. ``The company can only speculate on the motives of Asensio & Co., but feels confident that their activities are not based on a desire to legitimately analyze the investment potential of the company,'' it said in a written statement. Addressing Asensio's charge that the company's technology is worthless and that Turbodyne has little prospect for profitability, Turbodyne spokeswoman Meredith Lefforge said the firm will likely break even next year and turn a profit in 2000. Turbodyne is marketing equipment to cut emissions from internal combustion engines Internal combustion engine A prime mover, the fuel for which is burned within the engine, as contrasted to a steam engine, for example, in which fuel is burned in a separate furnace. . The company said it has deals pending with municipal governments in several European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. countries to sell retrofit ret·ro·fit v. ret·ro·fit·ted or ret·ro·fit, ret·ro·fit·ting, ret·ro·fits v.tr. 1. To provide (a jet, automobile, computer, or factory, for example) with parts, devices, or equipment not in equipment for city buses. Turbodyne shares closed up $0.3125 at $7.1875 a share. |
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